The Braid Bar 1 Page Business Plan
Overview
The Braid Bar has a clear business objective to produce hair braiding products and services. These products and services have been developed with a core focus on addressing the key customer problem and associated opportunities.
The Business Objectives
As a key component of our growth strategy we consider it critical to identify and outline our business objectives, and align these objectives with clear and measurable development milestones. Our key long term business objective is to acquire new customers. Customer acquisition is considered to be the critical activity and we are seeking to grow the number of customers. We understand that customer growth could be at the expense of profitability, and that there is a cost associated with customer acquisition. Our long term objective is to build a clear customer acquisition process.
The Customer
The Braid Bar has been created with a clear focus on the needs of our customers. Through a structured customer discovery process, we have validated the key customer problems as lack of cleanliness in braiding facilties, poor knowledge of sanitation and proper hair care practices, and poor customer service. This is a critical issue for our selected target market of Black Women.
The Value Proposition
The Braid Bar is uniquely positioned to deliver value to black women. "The Braid Bar will offer first class service." In order to deliver on this value proposition, we will provide complimentary refreshments, free consultations , a clean stress free enviornment, the cost of hair will be included in service and, welcome packet for new clients. Hair Care products will also be retailed. This capability has taken considerable time and resources to develop and forms the cornerstone of our competitive advantage.
Competitors
We have a number of competitors within the Hair Braiding Services market. We consider our key competitors to be: African Hair Braiding Shops, and Craigslist beauty service providers, and those braiding in their homes. Our understanding of these competitors has been used to refine our strategy and value proposition. We believe that we can compete effectively with African Hair Braiding Shops, Craigslist Services etc. by the quality and knowledge of our employees, excellent customer service, shop amenities, and hair Care Knowledge.
Key Strategies
Over the next 6 months our focus will be Marketing, branding, and advertising. Promtional post cards, instagram, websites, business cards, brand ambassador, interns, blogging, and a street team.. This task will be undertaken in the context of our broader strategy of Adding new employees, retailing products, offering mobile services, and gaining a customer advantage . These strategies are a tactical implementation of our overall business goal as outlined above.
Milestones
Measurement of the successful implementation of our strategies will be governed by measurable development milestones. The milestones that will be achieved over the next 2 years are: our initial store opening and consistently meeting and exceeding our service goal of 14 clients a week and our sales goal of $2000 a week.
About this document
Hair Braiding Services Business Plan
This document was created by Delvina of The Braid Bar using the 5 minute Business Plan App. This technology and approach is powered by HyperQuestions.
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